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In the constantly evolving healthcare landscape, the demand for adaptable and efficient workforce solutions has never been greater. This is precisely why CareRev's partnership with Henry Mayo Newhall Hospital marks a significant milestone. One of the earliest CareRev customers to adopt Smart Rates technology, Henry Mayo was able to realize substantial improvements in their workforce strategy.
The Birth of Smart Rates
Smart Rates, a flagship feature of CareRev's platform, creates a more dynamic and responsive workforce solution. "The Smart Rates feature was created to help healthcare facilities fill their shifts more efficiently. It leverages AI to empower facilities to dynamically adjust their pay rates based on real-time supply and demand data, ensuring shifts are filled at a higher rate," explains Brandon Blackman, a Senior Product Manager at CareRev. "The goal was to enable hospital administration to use data-driven insights to quickly and easily optimize their staffing levels and offer competitive rates to healthcare professionals, thus improving their shift fill rates and overall staffing efficiency."
This innovative approach allows healthcare facilities to tap into a pool of pre-vetted, on-demand professionals, ensuring they can swiftly and efficiently respond to fluctuations in patient demand. By integrating Smart Rates, Henry Mayo now leverages a workforce strategy that aligns with its commitment to maintaining high standards of patient care and staff well-being.
Evolution and Continuous Improvement
The journey of Smart Rates is a testament to CareRev's commitment to continuous improvement and innovation. "Over time, Smart Rates has evolved by incorporating more sophisticated optimization techniques," notes Blackman. "Initially, it used basic demand-supply calculations, but now it integrates a broader range of variables, including historical data, regional trends, and specific facility needs. The system continually learns and improves, more accurately predicting the optimal rates hospitals should use to fill needed shifts."
Through this evolution, Smart Rates has become an indispensable tool for healthcare facilities, helping them maintain optimal staffing levels and ensuring that patient care remains uncompromised.
Research and Development
Developing Smart Rates was not a straightforward process. It required a strategic and meticulous approach to ensure that the solution was both effective and user-friendly. "The creation of Smart Rates used a dual-track agile approach," says Blackman. "On the discovery side, we dug into user research, market trends, and tested prototypes to nail down what users really needed. We integrated AI and maintained a continuous feedback loop from insights and user testing to shape our development.” This rigorous process ensured that Smart Rates was built to meet the immediate needs of healthcare facilities and adaptable to future challenges.
Impact and Success
Since its release, Smart Rates has had a significant impact on healthcare facilities using CareRev's platform. "Hospitals using Smart Rates have seen higher fill rates, which implies more stable staffing levels that could lead to better patient care," shares Blackman. "Smart Rates' ability to dynamically adjust rates in real-time has led to more competitive compensation for professionals and improved operational efficiency for healthcare facilities."
Within 30 days of launching Smart Rates at Henry Mayo, the hospital and trauma center filled 57% more shifts while lowering their bill rate by seven percent. As a result of streamlined operations and a boost in the number of filled shifts through Smart Rates, Henry Mayo has been able to cut costs while promoting safe staffing.
A Strategic Differentiator
Smart Rates stands out as a differentiator for CareRev, setting it apart from other workforce solutions. "Smart Rates is a crucial differentiator for CareRev because it leverages AI to solve a persistent problem in healthcare staffing: the difficulty of filling shifts promptly and efficiently," emphasizes Blackman. "This feature sets CareRev apart from competitors by providing a data-driven solution that benefits both healthcare facilities and professionals."
By offering a solution that ensures reliable shift coverage and fair compensation, Smart Rates enhances the overall value of CareRev's platform.
Philosophy of Innovation and User-Centric Design
At the heart of CareRev's success is a team dedicated to leveraging technology to solve significant challenges in healthcare. "The product team desires to use technology to tackle the bigger challenges in healthcare staffing," explains Blackman. "We keep things user-centric by constantly gathering feedback and running user tests to make sure our solutions are spot-on and easy to use. We rely on data to guide our decisions, analyzing patterns and trends to improve functionality."
This philosophy of continuous improvement and user-centric design ensures that CareRev remains at the forefront of innovation, delivering solutions that truly make a difference.
Vision for the Future
Looking ahead, the partnership between CareRev and Henry Mayo serves as a model for how healthcare organizations can adapt to future challenges. By embracing technology and innovative features like Smart Rates, healthcare providers can ensure they are well-equipped to deliver high-quality care, no matter the circumstances.
In a world where healthcare demands are constantly shifting, the alliance between CareRev and Henry Mayo is an example of innovation and strategic planning, showcasing how technology and compassionate care can create a brighter future for healthcare providers and patients alike.
